IDCOL, as the Direct Access Entity (DAE) of Green Climate Fund (GCF), received approval of its first funding proposal for the programme titled “Promoting private sector investment through large scale adoption of energy saving technologies and equipment for Textile and Readymade Garment (RMG) sectors of Bangladesh”. The programme was approved in GCF Board Meeting-B.27 held on 10^th November, 2020. This is the first concessional GCF credit line for Bangladesh, as well as the first private sector financing of GCF in the country. So far, it is also the largest approved funding proposal for any Direct Access Entity (DAE) of GCF, accredited globally.

 

Congratulating IDCOL personnel on its success, Chairman of the IDCOL Board of Directors and the National Designated Authority (NDA) of Bangladesh in GCF Ms. Fatima Yasmin, Secretary, Economic Relations Division of the Ministry of Finance expected IDCOL to be a national role model for developing climate change responsive commercial projects in the country. She urged DAEs, Multilateral Implementing Entities (MIEs), and concerned Ministries and Divisions to explore the opportunities offered by GCF.

 

Presently, the industrial sector in Bangladesh accounts for 47.8%of the commercial energy consumption. Among this textile and RMG accounts for approximately 38% of the total energy consumption in the industrial sector (source- Energy Efficiency and Conservation Master Plan up to 2030 by SREDA, Power Division).

 

The Energy Efficiency and Conservation Master Plan 2015 states that manufacturing industries in Bangladesh are not efficient in energy use because of continuous usage of old/mal-maintained machines and poor energy management. Major challenges in adoption of energy efficient technology are inadequate financial incentives and lack of technical expertise.

 

The objective of the approved programme is to provide concessional loans from GCF to finance energy saving technology and equipment for the textile & RMG sectors of Bangladesh in order to make it more affordable and accessible. Under the programme, IDCOL will receive from GCF USD 250 million concessional loan for a tenor of 20 years with a grace period of 5 years for financing energy efficient equipment. In addition to this, IDCOL will also receive USD 6.50 million as Technical Assistance (Grant) to develop enabling environment by covering areas such as capacity building, awareness, support in loan disbursal and monitoring and evaluation of the programme parameters.

 

Sustainable & Renewable Energy Development Authority (SREDA) is also implementing a component of the programme to strengthen regulatory & institutional framework at the national level to overcome the operational constraints related to implementing EE&C in the country.

 

Out of USD 250 million loan, USD 100 million will be utilized by IDCOL to finance textile sector energy efficiency projects, while USD 150 million loan will be channeled to four local financial institutions for financing energy efficiency projects in the RMG sector. The total programme size will be USD 423.50 million including co-financing from IDCOL, local financiers and the project sponsors.

 

This programme is a remarkable success for IDCOL in terms of accessing climate change fund to pave the path for our country to achieve its Sustainable Development Goals (SDGs) especially SDG 7- affordable, reliable, sustainable and modern energy for all; SDG 9- sustainable industrialization and SDG 13- combatting climate change. It will also support Government, in achieving the NDC conditional target to reduce GHG emissions by 15% below BAU levels by 2030 and also to achieve the target of 20% reduction of primary energy consumption per GDP by 2030 as per the Energy Efficiency and Conservation Master Plan 2015.

 

Dr. Rubana Huq, President BGMEA, congratulated IDCOL for getting approval of the funding. She hoped that with access to such concessional financing, the adoption of energy efficient equipment will be much affordable for the garments owners and will further strengthen the competitive advantage of Bangladesh RMG sector.

 

Mr. Abdullah Al Mamun, Vice President, BTMA, stated that approval of this fund will accelerate industrial growth to a sustainable direction, and will also allow a substantial number of industries to get the essence of global standard finance as an available option.

 

Mr. Mahmood Malik, Executive Director and CEO, IDCOL mentioned that this is just the beginning of a long journey and since IDCOL knows which direction to go, the bests are yet to come.

IDCOL won the prestigious Asian Power Awards 2020 in the “Solar Power Project of the Year-Bangladesh” category for implementing Solar Irrigation Pump (SIP) Project in Bangladesh. Dubbed as the “Oscars of the Power Industry”, the award was conferred through an event held digitally on 27^th October 2020 by the Asian Power magazine, a Singapore based quarterly publication for the power generation, transmission and distribution industry in the Asia Pacific region. Continuing on its 16^th year, this award recognizes ground-breaking projects and trailblazing initiatives in the power sector in Asia. The SIP Project being implemented by IDCOL is the first green finance initiative for smallholder collectives and farmers in Bangladesh which is now benefiting more than 60,000 farmers.

 

Among other recipients of this prestigious award, Feni Lanka Power Limited, a fully owned subsidiary of Lakdhanavi Limited Sri Lanka was also awarded for its 114 MW HFO Fired Power Plant Project in Feni, Bangladesh. IDCOL was the Arranger of the transaction, the “Intercreditor Agent” and the Lead Financier of the project.

 

IDCOL extends gratitude to all development partners of its SIP project. The World Bank, KfW, GPOBA, USAID, BCCRF, DFID, UNDP, ADB and JICA have supported IDCOL through continuous guidance, concessional funding, technical assistance, capacity building and knowledge sharing to execute the projects successfully in Bangladesh. IDCOL also appreciate the support extended by Power Division and SREDA for successful implementation of the project.

 

Infrastructure Development Company Limited (IDCOL) received the prestigious Karlsruhe Sustainable Finance Awards 2020 in the ‘Outstanding Sustainable Project Financing’ category for implementing Solar Irrigation Pump (SIP) Project in Bangladesh.

 

The award was given by European Organization for Sustainable Development (EOSD), a dedicated body established for developing projects that contribute in implementing the EU Strategy for Sustainable Development, said a press release.

 

M. Murshidul Huq Khan, Minister (Political) from the Embassy of Bangladesh in Germany recently received the award and the certificate of merit on behalf of IDCOL at Karlsruhe, Germany.

 

Mahmood Malik, Executive Director and CEO, SM Monirul Islam, Deputy CEO and CFO and other senior officials of IDCOL attended the award ceremony via virtual platform.

The twenty-third Annual General Meeting (AGM) of Infrastructure Development Company Limited (IDCOL) was held on 2 September 2020 via virtual platform. Ms. Fatima Yasmin, Chairman, IDCOL and Secretary, Economic Relations Division presided over the meeting. During the FY 2019 Companys profit before tax and provision was Tk. 401.27 crore. The AGM declared the dividends for a total amount of Tk. 130 crore from the profit made by the Company during FY 2019. The dividends are as follows:

1) An amount of Tk. 65 crore to be paid to the Government as cash dividend; and
2) An amount of Tk. 65 crore be used for increasing the Companys paid-up capital to Tk. 715 crore from the existing Tk. 650 crore by way of issuing bonus shares;

Ms. Fatima Yasmin, Chairman, IDCOL and Secretary, Economic Relations Division, Dr. Ahmad Kaikaus, Shareholder, IDCOL and Principal Secretary to the HPM, Prime Ministers Office, Mr. Abu Hena Md. Rahmatul Muneem, Shareholder, IDCOL and Chairman, National Board of Revenue (NBR), Mr. Abdur Rouf Talukder, Director and Shareholder, IDCOL and Secretary, Finance Division, Dr. Md. Jafar Uddin, Shareholder, IDCOL and Secretary, Ministry of Commerce, Dr. Sultan Ahmed, Director and Shareholder, IDCOL and Secretary, Power Division, Mr. M. Tofazzel Hossain Miah, Director and Shareholder, IDCOL and Secretary, Prime Ministers Office, Mr. Md. Shahabuddin Patwary, Shareholder, IDCOL and Additional Secretary, Economic Relations Division, Ms. Nihad Kabir, Director and Shareholder, IDCOL, Mr. Abdul Haque, Director and Shareholder, IDCOL, Mr. A. K. M. Nurul Fazal Bulbul, Director & Shareholder, IDCOL and Mr. Mahmood Malik, Executive Director and CEO, IDCOL attended the 23rd AGM of IDCOL.

Honorable Prime Minister Sheikh Hasina’s special directives - COVID-19

The Father of the Nation Bangabandhu Sheikh Mujibur Rahman (1920-1975) is the architect of independent Bangladesh.

Bangabandhu was born on 17 March 1920 in the village Tungipara under the gopalganj Sub-division (currently district) in the district of Faridpur. Bangabandhu Sheikh Mujibur Rahman's father, Sheikh Lutfar Rahman, was a Serestadar in the civil court of Gopalganj. Sheikh Mujibur Rahman passed his matriculation from Gopalganj Missionary School in 1942, IA (Twelfth Grade) from Islamia College, Calcutta in 1944 and BA from the same College in 1947. In 1946, he was elected general secretary of the Islamia College Students Union. He was an activist of the Bengal Provincial Muslim League and a member of the All-India Muslim League Council from 1943 onwards.

Bangabandhu Sheikh Mujibur Rahman was a founding member of the East Pakistan Muslim Students League (est. 1948), one of the founding joint secretaries of the East Pakistan Awami Muslim League (est. 1949), general secretary of the awami league (1953-1966), president of the Awami League (1966-1974), president of Bangladesh (in absentia from 26 March 1971 to 11 January 1972), prime minister of Bangladesh (1972-24 January1975), president of Bangladesh (25 January 1975-15 August 1975).

As an activist he had been a supporter of the Suhrawardhy-Hashim faction of the Muslim League. During the 1946 general elections, the Muslim League selected him for electioneering in Faridpur district.

Sheikh Mujibur Rahman was one of the principal organizers behind the formation of the East Pakistan Muslim Students League (est. 1948). After partition (1947), he got himself admitted into the University of Dhaka to study law but was unable to complete it, because, he was expelled from the University in early 1949 on charge of "inciting the fourth-class employees" in their agitation against the University's indifference towards their legitimate demands.

Sheikh Mujib's active political career began with his election to one of the posts of joint secretaries of the East Pakistan Awami Muslim League (1949). As a political prisoner, he was then interned in Faridpur jail. In 1953, Sheikh Mujib was elected general secretary of the East Pakistan Awami Muslim League, a post that he held until 1966 when he became president of the party. Like his political mentor Huseyn Shaheed Suhrawardy, Mujib also underscored the importance of party organization and management. To organize the party, he resigned from the Cabinet of Ataur Rahman Khan (1956-58) and devoted himself to the task of taking the party to grassroots level. A charismatic organizer, Sheikh Mujib had established his firm control over the party. He had the mettle to revive the Awami League in spite of the fact that his political guru, HS Suhrawardy, was in favor of keeping political parties defunct and work under the political amalgam called National Democratic Front.

Sheikh Mujibur Rahman entered parliamentary politics first in 1954 through his election as a member of the East Bengal Legislative Assembly on the United Front ticket. He was also a member of the Pakistan Second Constituent Assembly-cum-Legislature (1955-1958).

Sheikh Mujib was a pragmatic politician. In the Pakistan state, he appeared as the undaunted advocate of the Bengali interests from the start. He was among the first language prisoners. However, Sheikh Mujibur Rahman grew in political eminence in the early 1960s. Through his organizing ability Mujib was able to salvage the Awami League from a series of defections and exit of various factions from the mainstream party. He reorganized the Awami League and put it on a firm foundation. In 1966, he announced his famous six-point programme, calling it 'Our [Bengalis'] Charter of Survival', which aimed at self-rule for East Pakistan. Struck sharp at the roots of West Pakistani dominance, the six-point programme at once drew the attention of the nation. Though conservative elements of all political parties looked at it with consternation, it instantaneously stirred the younger generation, particularly the students, youth and working classes.

Disturbed by the  political views of Sheikh Mujib, the Ayub regime put him behind bars. A sedition case, known as Agartala Conspiracy Case, was brought against him. It may be noted that during most of the period of the Ayub regime,  he was in jail, first from 1958 to 1961 and then from 1966 to early 1969. During the second term in jail, his charisma grew so much that a mass uprising took place in his favor in early 1969 and Ayub administration was compelled to release him on 22 February 1969 unconditionally.

On the following day of his release, the Sarbadaliya Chhatra Sangram Parishad (All Parties Students Action Committee) organized a mass reception to him at Ramna Racecourse (now, Suhrawardy Uddyan) and accorded him the title 'Bangabandhu' (Friend of the Bengalis). In him they saw a true leader who suffered jail terms for about twelve years during the 23 years of Pakistani rule. Twelve years in jail and ten years under close surveillance, Pakistan, to Sheikh Mujib, indeed proved to be more a prison than a free homeland.

The general elections of December 1970 made Bangabandhu Sheikh Mujibur Rahman the sole spokesman of East Pakistan. The people gave him the absolute mandate in favor of his six-point doctrine. Now it was his turn to implement it. Bangabandhu Sheikh Mujib was so serious about the six-point that on 3 January 1971, he held a solemn ceremony at Ramna Race Course with all the East Pakistan representatives and took an oath never to deviate from the six-point idea when framing the constitution for Pakistan.

Bangabandhu's most uncompromising stand on the six-point programme led ZA Bhutto and Yahya's military junta to take a stringent view. Instead of allowing him to form the government, the junta resolved to undo the results of the elections. President Yahya Khan cancelled unilaterally the National Assembly meet Dhaka scheduled to be held  on 3 March 1971. The announcement triggered off the death-knell of Pakistan. Bangabandhu called an all-out non-cooperation movement in East Pakistan. The whole province supported the non-cooperation movement. During the course of non-cooperation (2-25 March 1971) the entire civil authorities in East Pakistan came under the control and directives of Sheikh Mujibur Rahman, himself becoming the de facto head of government of the province.

During this time, on 7 March Mujib made a historic address at a mammoth gathering at the Race Course which marked a turning point in the history of the Bengali nation. In his address Mujib made specific charges against the Martial Law authorities which failed to transfer power to the elected representatives. At the end of his speech, he made a clarion call, saying: "Build forts in each homestead. You must resist the Pakistani enemy with whatever you have in hand. Remember, we have given a lot of blood, a lot more blood we shall give if need be, but we shall liberate the people of this country, Insha Allah [ie, if God blessed]..The struggle this time is the struggle for our emancipation; the struggle this time is the struggle for independence."

Meanwhile, General Yahya Khan and other leaders from West Pakistan came to Dhaka on 15 March to start a dialogue with Bangabandhu Sheikh Mujib and his party. The dialogue began on the following day and continued intermittently down to 25 March morning. During the period, non-cooperation and hartals continued relentlessly. Students and leaders of various political parties had been declaring independence from March 2 and the spree continued down to 25 March. At mid-night of 25 March 1971, the Pakistan army launched its brutal crackdown in Dhaka. Sheikh Mujib was arrested and kept confined at Dhaka Cantonment until he was lifted to West Pakistan for facing trial for sedition and inciting insurrection.

Although during the War of Liberation begun in the wake of the 25 March army crackdown Bangabandhu had been a prisoner in the hands of Pakistan, he was made, in absentia, the President of the provisional government, called the Mujibnagar Government, formed on 10 April 1971 by the people's representatives to head the Liberation War. He was also made the Supreme Commander of the Armed Forces. Throughout the period of the War of Liberation, Sheikh Mujib's charisma worked as the source of national unity and strength. After the liberation of Bangladesh on 16 December 1971 from Pakistani occupation, Sheikh Mujibur Rahman was released from Pakistan jail and via London he arrived in Dhaka on 10 January 1972.

Bangabandhu Sheikh Mujibur Rahman headed the first government of the post-liberation Bangladesh for a period of three years and a half. Starting from scratch his government had to deal with the countless problems of a war ravaged country. Restoring law and order, rehabilating the mukhtijodhas, restoring the ruptured communication system,  and, most importantly, feeding the hungry millions and many other problems bedeviled his administration. Because of his charismatic leadership Bangladesh gained recognition from the international community including the United Nations.

Bangabandhu Sheikh Mujibur Rahman was assassinated by a group of disgruntled army officials on August 15, 1975 along with most of his family members excepting for his two daughters who had been staying abroad at that time. Bangabandhu’s eldest daughter, Sheikh Hasina, is the current Prime Minister of Bangladesh.

Infrastructure Development Company Limited (IDCOL) has financed the first Rooftop Solar project of FORTIS Group. The 428.22 kWp project will be implemented on the rooftop of K A Design Ltd, a RMG manufacturing concern of FORTIS Group, located at Boro Beraid, Badda, Dhaka.

The rooftop solar project is a part of the on-going green initiatives of FORTIS group to use more environment friendly technology and become less dependent on grid electricity by using renewable energy sources. Electricity produced from this project will not only reduce electricity bills of K A Design Ltd., but also reduce the diesel consumption during load shedding. In addition, the project owners can export unutilized electricity generated from the project to national grid through Net Metering Guideline 2018. Currently the unit cost of electricity from rooftop solar falls around BDT 7 and this makes the investment very lucrative.

The project will be implemented with a total project cost of BDT 2.99 crore. Under the facility agreement, IDCOL is providing concessional loan of BDT 2.39 crore. IDCOL has completed the first disbursement of the loan amount for the project and the project is expected to be completed very soon.

IDCOL has also approved financing for two other Rooftop Solar projects for FORTIS Group, which are Habitus Fashions Ltd. and Sarah Resort Ltd, having capacity of 617 kWp and 340 kWp respectively.

IDCOL plans to finance 300 MW of electricity from solar rooftop by 2022.

We deeply mourn with the loss of renowned businessman Mr. Latifur Rahman. He died in his sleep at his village home in Chouddagram upazila around on 1st July 2020 at 11:30AM. Mr. Rahman had been a Member of the Board of Director’s of IDCOL for quite a few years. He also served as the Group Chairman and CEO of Transcom Group. We pray for the eternal peace of his departed soul and strength of his family to bear this irreparable loss

 

We are deeply saddened by the news of the demise of Mr. Waliur Rahman Bhuiyan. He had been suffering from various old age complications and breathed his last today the 19th June 2020. Mr. Bhuiyan had been a Member of the Board of Directors of IDCOL for quite a few years. He also served as the CEO of Bangladesh Oxygen Ltd. We pray for the eternal peace of his departed soul and strength of his family to bear this irreparable loss.

Infrastructure Development Company Limited (IDCOL) has been announced as winner of the prestigious ARE Awards 2020 in the category of Multilateral/International Organization. Alliance for Rural Electrification (ARE), a Brussels based non-profit global business association in the rural electrification sector, has been recognizing clean energy access initiatives by the most passionate and innovative actors since 2015. ARE received 77 applications this year among which 6 were selected as winners in different categories. ARE unveiled name of winners through a press release on 18 May 2020. IDCOL was selected for successful implementation of solar mini-grid projects in Bangladesh through developing a sustainable business model, ensuring productive access to electricity for the last mile population living in the off-grid areas and facilitating local industries by creating jobs and increasing business activities.

 

IDCOL is the first organization from Bangladesh to receive this prestigious award. Winners from previous years in this category include GIZ, UN Capital Development Fund, European Commissions Directorate-General for International Cooperation and EU Energy Initiative Partnership Dialogue Facility. The award will be handed over to IDCOL at the 6th ARE Energy Access Investment Forum to be held during 23-24 September 2020 in Lusaka, Zambia.

 

Being selected as winner of the ARE Awards 2020 in the “Multilateral / International Organisations” category, IDCOL extends gratitude to all development partners of its solar mini-grid projects. DFID, JICA, the World Bank, UNDP, GPOBA, USAID, KfW and ADB have supported IDCOL through continuous guidance, concessional funding, technical assistance, capacity building and knowledge sharing to implement the projects successfully in Bangladesh. 

 

ARE press release link: Click here

We deeply mourn with the loss of National Professor Dr. Jamilur Reza Choudhury. He died in his sleep early morning on Tuesday 28 April - Innalillahi Wa Inna Elaihi Rajeun. He is the most eminent personality in engineering community of Bangladesh who plays a cardinal role in development of the infrastructure system of Bangladesh. He is an internationally recognized civil engineer, educationist, researcher, administrator and a leader. As a renowned scholar, Prof Choudhury is widely recognized for his immeasurable service. His contribution to IT sector in Bangladesh is also noteworthy. He was a former adviser to the caretaker government of Bangladesh in 1996, and was the Vice-Chancellor of University of Asia Pacific before his demise. He was unquestionably honest and a great human beyond his professional life.

At national level he led the experts panels of Bangabandhu Bridge, Padma Multipurpose Bridge, Dhaka Elevated Expressway, Karnaphuli Tunnel and many other ongoing development projects. He was awarded Ekushe Padak by the government in Science and technology Category in 2017 and was appointed as National Professor in 2018. Prof. Choudhury developed a simplified method for analysis of shear walls in tall buildings (Commonly known as Coull and Choudhurys Method) which has been widely used all over the world during his PhD from the Southampton in 1964, UK. as a part of his research. The method is now a part of many text books in the field and taught to designers in different countries.

He was the Chairman of IDCOL R&D Evaluation Committee and Advisory Committee of IDCOL Green Tower before his demise. We recall the contribution of this talented personality for IDCOL with gratitude. Moreover, he was the Chairman of Evaluation Committee to select the Investment Advisory Services for IDCOL in 1998 which was a precondition to start commercial operation of IDCOL. Starting from the inception period of IDCOL, JRC was always a patron through his invaluable contributions.

The demise of this great soul is a big loss for the country as well as IDCOL. On behalf of the IDCOL Board of Directors, management, employees and the stakeholders at all levels we are expressing the deepest condolence to his family members and praying to Almighty Allah for Dr. Jamilur Reza Choudhurys eternal peace and give the mental strength of his family members to bear the irreparable loss. May Allah grant him Jannah!

Infrastructure Development Company Limited (IDCOL) signed facility agreement with Fakhruddin Textile Mills Ltd. (FTML) a concern of Urmi Group on 23 February 2020, to finance Rooftop Solar Project with a capacity of 2037.75kWp.

Electricity to be produced from this project will not only reduce electricity bills of FTML but also reduce the diesel consumption during load shedding, said a press release.

In addition, FTML can export unutilized electricity to be generated from the project to national grid under the Net Metering Guideline 2018.

Currently the unit cost of electricity from rooftop solar is below Tk8, which makes the proposed investment very lucrative as the tariff is cheaper than the grid electricity tariff.

The project will be implemented with a total project cost of Tk 14.09 crore. Under this facility agreement, IDCOL will provide concessional loan of Tk 11.27 crore.

IDCOL plans to finance 300 MWp rooftop solar projects by 2022.

 Mahmood Malik, Executive Director& CEO, IDCOL and Asif Ashraf, Managing Director, Fakhruddin Textile Mills Ltd. (FTML) signed the agreement on behalf of their respective organizations.

Infrastructure Development Company Limited (IDCOL) signed facility agreement with Fakhruddin Textile Mills Ltd. (FTML) a concern of Urmi Group on 23 February 2020, to finance Rooftop Solar Project with a capacity of 2037.75 kWp. Electricity to be produced from this project will not only reduce electricity bills of FTML but also reduce the diesel consumption during load shedding. In addition, FTML can export unutilized electricity to be generated from the project to national grid under the Net Metering Guideline 2018. Currently the unit cost of electricity from rooftop solar is below BDT 8, which makes the proposed investment very lucrative as the tariff is cheaper than the grid electricity tariff. The project will be implemented with a total project cost of BDT 14.09 crore. Under this facility agreement, IDCOL will provide concessional loan of           BDT 11.27 crore. IDCOL plans to finance 300 MWp rooftop solar projects by 2022.

 

Mr. Mahmood Malik, Executive Director & CEO, IDCOL and Mr. Asif Ashraf, Managing Director, Fakhruddin Textile Mills Ltd. (FTML) signed the agreement on behalf of their respective organizations. Mr. Faiaz Rahman, Director, FTML; Mr. Md. Enamul Karim Pavel, Head of Renewable Energy, IDCOL; Mr. Mohammed Jabed Emran, Chief Risk Officer, IDCOL; Ms. Farzana Rahman, Executive Vice President, IDCOL and other officials from both the organizations were present in the signing event.

IDCOL won the prestigious Alliance for Rural Electrification (ARE) Awards 2020 in the category of “Multilateral/International Organization”. ARE is the biggest global business association in the rural electrification sector that has been recognizing clean energy access results achieved by the most passionate and innovative actors. The award was given to IDCOL based on the successful market activation, affordable energy services, creation of local jobs and inclusion of the last mile population to the economy of Bangladesh through the Solar Mini-Grid project initiatives. Winners from the previous years in this category includes GIZ, UNCDF Clean Start Programme (Thailand), European Commission’s Directorate-General for International Cooperation and Development (DG DEVCO), European Union Energy Initiative Partnership Dialogue Facility (EUEI PDF). The award will be handed over to IDCOL during the 6^th ARE Energy Access Investment Forum that is to be held during 18-19 March 2020 in Lusaka, Zambia.